For the second time in less than three weeks, ERHC Energy has survived a meltdown of historic proportions and restored its share price to better than the starting point, as it did when word of Pioneer Natural Resources' exit from the Nigeria-Sao Tome Joint Development process was announced on Feb. 7.
Fallout from Friday's collapse of the Block 4 signing ceremony had apparently abated sufficiently for the Nigeria-Sao Tome and Principe Joint Development Authority to issue a press release blaming "unforeseen administrative errors" for the blow-up and for ERHC to issue a release saying it has been advised that a signing ceremony will take place on March 14. A Dow Jones story and a correction echoed all but the date, for reasons we do not know.
Given the back-to-back news reports, the stock's share price reversed its slide to $0.63 and climbed back a full $0.17 to $0.80, a larger gain than it had enjoyed after a short-lived $0.15 fall on my birthday, Feb. 7. Today it closed up $0.05 on the day with a Bid and Ask of $0.795 x $0.80.
The big loser, to the glee of many, was me - I cashed out at $0.63. I am certainly glad to have $40,000 back in my hot little hands, though, rather than in the pockets of some market maker riding this unbelievable roller coaster of a stock. It does not look at this point that I will find an acceptable buy-in price in the near future, and it may well be that shares trade over $1 before the PSC is signed - too rich for my blood.
Volume for the tumultuous day was 10,200,052, not a record by a long shot but very, probably the third or fourth highest volume in our recent history.